A N N UA L R E P O R T

NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY

2018

= NEW HOMEOWNERS IN 2018MADE POSSIBLE BY NHSNYC

OUR MISSIONNEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY (NHSNYC) through financial empowerment and affordable lending, enables individuals and families to invest in, preserve and improve their neighborhoods, their homes and their future. Working in partnership with the private sector, government agencies and local residents and businesses, we offer a wide range of services based on the needs of each individual community we serve, including financial and homeownership education, loan origination and mortgage facilitation to support the attainment and sustainability of homeownership for underserved New Yorkers. Our ultimate goal is to support the realization of the best quality of life possible for each New Yorker, starting with a stable home.

THE MORTGAGE APPLICATION PROCESS is confusing and overwhelming. Not to mention the real estate prices in NYC are so unaffordable and intimidating, but after attending your workshop yesterday, I felt a sense of relief! I am happy to know that there is assistance for individuals such as myself, wishing to buy a home. Glad there’s hope.”

Zoe C. ”“

ABOUT US

Held 50 Homeownership Orientation Seminars attended by 2,100 prospective homeowners

Helped 919 potential homebuyers through One-on-One Counseling and Homeownership Education

Graduated 44 first-time homeowners from the pilot year Landlord Education Seminars

Provided 154 first-time low- and moderate-income homeowners with mortgage financing that totaled $49.6 million

Ensured 399 homebuyers secured $7.88 million in Downpayment and Closing Cost Assistance forgivable loans (grants) and loans

Provided 67 homeowners with one-on-one foreclosure prevention counseling of which 14 secured permanent mortgage modifications

Provided 14 homeowners with $558,156 in forgivable and interest-bearing loans to complete key home repair or modification projects

Conducted 1,000 technical assistance sessions for 3,100 resident leaders of TIL and HDFC Cooperatives

Helped 25 limited-equity housing cooperatives reduce their arrears in property taxes, water bills and sewer charges by over $400,000

ACCOMPLISHMENTS

NEIGHBORWORKS AMERICA is proud to have Neighborhood Housing Services of New York City as one of our most tenured members. Throughout the years NHSNYC has strategically adapted its business model to be more effective and able to leverage opportunities. In FY 18, NHSNYC led the 16 New York State NeighborWorks Organizations with a leveraged investment of $129,373,639 – representing 25% of the total for New York State.

Joanie Straussman Brandon, Regional Vice President, NeighborWorks America

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WHO WE SERVE

4% 0-31% AMI*

27% 30-60% AMI*

29% 60-80% AMI*

23% 80-100% AMI*

17% 100% AMI* +

1%UPSTATE

30%MANHATTAN

30%BROOKLYN

26%BRONX

12%QUEENS

1%STATENISLAND

36% MALE

64% FEMALE*

2018 CLIENT GENDER STATS

*38% FEMALE HEAD OF HOUSEHOLD

56% 22 - 39 YRS

42% 40 - 65 YRS

2% OVER 65 YRS

2018 CLIENT AGE STATS

2018 CLIENT INCOME STATS

*AREA MEDIAN INCOME (AMI)AVERAGE HOUSEHOLD AMI = 70%

CURRENT ASSETS

Cash and cash equivalentsCurrent portion of restricted cash and cash equivalentsCurrent portion of construction loans and notes receivableGrants receivableAccounts receivableProperty held for resalePrepaid expenses and other current assetsTOTAL CURRENT ASSETS

Other AssetsTOTAL ASSETS

CURRENT LIABILITIESAccounts payable and accrued expensesEscrow fundsOther current liabilitiesTOTAL CURRENT LIABILITIES

Other liabilitiesTOTAL LIABILITIES

NET ASSETS

TOTAL LIABILITIES AND NET ASSETS

2018 2017

$2,009,357 $1,908,821 $2,510,806 $7,392,934 $913,381 $978,331 $593,515 $416,562 $238,751 $352,040 $- $258,700 $254,367 $129,707 $6,520,177 $11,437,095 $10,252,908 $10,744,085 $16,773,085 $22,181,180

$315,093 $317,289 $544,444 $581,112 $7,333,179 $12,215,169 $8,192,716 $13,113,570 $5,991,518 $6,330,747 $14,184,234 $19,444,317 $2,588,851 $2,736,863 $16,177,085 $22,166,180

FINANCIALSCONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31

FINANCIALSCONSOLIDATED STATEMENTS OF ACTIVITIESDECEMBER 31

SUPPORT AND REVENUE

ContributionsGovernment GrantsProgram Service RevenueOther RevenueNet Proceeds from Special Events

TOTAL SUPPORT AND REVENUE

EXPENSESProgram ServicesLendingEducation CounselingHousing DevelopmentSpecial ProjectsTOTAL PROGRAM SERVICES

Supporting ServicesManagement and generalFundraisingTOTAL SUPPORTING SERVICES

TOTAL EXPENSES

CHANGE IN NET ASSETSNet assets/(deficit), beginning of yearNet assets/(deficit), end of year

2018 2017

$1,171,080 $3,338,132 $8,622,965 $3,302,508 $881,652 $813,582 $793,103 $1,798,166 $313,954 $281,021 $11,782,754 $8,423,409 $9,162,619 $6,989,354 $1,652,921 $872,927 $- $77 $65,313 $494,359 $10,880,853 $6,989,354 $845,983 $1,217,336 $203,930 $176,449 $1,049,913 $1,393,785 $11,930,766 $8,383,139 $(148,012) $40,270 $2,736,863 $2,696,593 $2,588,851 $2,736,863

HOMEBUYER ORIENTATION, EDUCATION AND ONE-ON-ONE COUNSELING

One-hour homebuyer orientation seminars provide potential clients with an overview of the home-buying process. Eight-hour education classes provide clients with information about effective money management techniques and the mortgage application process. Through one-on-one counseling services, we help clients complete applications for mortgage financing and evaluate offers.

ACCESS TO AFFORDABLE MORTGAGES

Originating or facilitating affordable mortgages in partnership with selected banks to help clients become homeowners with monthly payments that typically do not exceed 36% of their total household income.

DOWNPAYMENT AND CLOSING COST ASSISTANCE

Providing clients with grants between $12,500 and $40,000 to close the gap on downpayment and closing costs to help with the purchase of a home.

PREVENTING FORECLOSURE

Helping clients identify best strategies and implement critical financial and legal actions to affordably and sustainably stay in their homes.

HOME REPAIR LOANS

Originating grants and low-interest loans to enable home repairs that make a home more habitable, safe and accessible.

OUR PROGRAMS

In 2018, NHSNYC administered the second year of a $3.3M contract with the NYC Department of Housing Preservation & Development to provide technical assistance to 1,429 limited-equity housing cooperatives in Manhattan, Brooklyn and the Bronx. Through personalized consultations, group trainings and community education workshops, NHSNYC helps residents better understand cooperative corporations and governing structures, improve building management skills and refine their financial management abilities. NHSNYC was able to hold over 1,000 technical assistance sessions for 3,100 resident leaders in 2018 and furthermore helped 25 HDFC buildings reduce their arrears in property taxes, water bills and sewer charges by over $400,000.

In October 2017, NeighborWorks™ America selected NHSNYC to administer a $7 million downpayment and closing cost assistance fund (DPCC) through its NeighborhoodLIFT program in New York City. While the plan originally included dispersing the $20,000 forgivable DPCC loans over 24 months, in just 12 months NHSNYC committed the full $7 million making 299 low- and moderate-income individuals and families first-time homeowners in Queens, Brooklyn and the Bronx.

NEIGHBORHOODLIFT

TIL PROGRAM

SUPPORTERS JANUARY 1 – DECEMBER 31, 2018

NHSNYC greatly appreciates our partnership with the following supporters:

$500,000+NeighborWorks™ America

$100,000-$199,999New York Community Trust Wells Fargo

$50,000-$99,999Altman Foundation Deutsche Bank Dime Community Bank MetLife Foundation Morgan StanleyWells Fargo Foundation

$25,000-$49,999Bank of AmericaBank of Baroda Bank of ChinaBankUnitedCon Edison Habib American Bank Hagedorn Fund HSBC Bank USA, N.A. Ocwen Financial Corporation Santander Bank, N.A. Sterling National Bank The Ludwig Family Foundation Wachtell, Lipton, Rosen & Katz

$10,000-$24,999Amalgamated BankApple Bank for Savings Bank of India Bank of New York MellonCapital One Foundation City National BankContour Mortgage Corporation Delta National Bank and Trust Company East West BankFirst Republic BankFlagstar Bank Flushing BankFreddie Mac

Hyde & Watson Foundation IberiaBank JPMorgan Chase & Co. M&T Bank Maspeth Federal Savings Bank Meadowbrook Financial Mortgage Bankers Corp. Metropolitan Commercial Bank of New YorkNationwide Mortgage BankersNew York Community Bankcorp, Inc.People’s United Bank Ridgewood Savings BankSafra National Bank of New York State Bank of India

$5,000-$9,999Alma Bank Atlantic Tomorrow’s Office Balfe Holland PCBank of East AsiaBank of Hope CTBC Bank Corp. USA Cullen & DykmanCustomers Bank GFP Real EstateGoldman Sachs Urban Investment GroupNicole Ifill & the Bill & Melinda Gates FoundationInteraudi Bank Keefe, Bruyette & Woods Laura B. Vogler Foundation Laurence & Sandi Gluck Charitable Foundation MUFG Foundation Mutual of America Nationstar MortgagePeople’s United Community FoundationRiverhead Building Supply CorpRoyal Business Bank Schulte Roth & ZabelWells Fargo Housing Foundation

$2,500-$4,999Bank HapoalimBasswood Capital ManagementBNB BankCerini & Associates

Susan Cullen Emigrant MortgageGerstein Fisher Levitt Foundation Signature Bank TD Bank Woori America Bank Pia & Jimmy Zankel

$1,000-$2,499Bank Leumi USA The Bluver Family Charitable TrustCampbell Solberg Associates Carver Federal Savings Bank CitigroupBruce EvansFederal Home Loan Bank of New York First National Bank of Long Island Mrs. Betty & Dr. Kenneth HolwittSusan M. Ifill & Lynell JamesInvestors Foundation Thomas Johnson Morris Kornbluth Patrick McEnerney Mizuho AmericasNew York Bankers Association New York Business Development Corporation Charitable Foundation PNC Bank Kaitlyn TaylorCarol & Mark Willis

29 donations under $1,000 for a total of $8,345

GOVERNMENT PARTNERS Housing Partnership Network New York City Department of Housing Preservation & Development New York State Affordable Housing Corporation New York State Attorney General

NHSNYC IS A NAME YOU CAN RELY UPON for impartial and practical education services, loans and various types of classes. NHSNYC has an excellent team of hard working individuals that truly go the extra mile for the customer. The organization has helped East West Bank assist more than 500 families over just 3 years by administering our downpayment assistance program and providing homebuyer education and training with a common sense approach. We are most grateful for the partnership.

Bridget Jobe, Mortgage Business Development Officer, East West Bank

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BOARD OF DIRECTORS

PRESIDENTBLONDEL PINNOCKBP Capital Strategies, LLC

VICE PRESIDENTDEBORAH JOHNSONJP Morgan Chase

TREASURERDONALD E. TOMMorgan Stanley Private Banking

SECRETARYDAVID S. BAGATELLE

SUSAN CULLENFlushing Bank

VINCENT L. DELUCIASterling National Bank

MOSES GATESRegional Plan Association

SCOTT GOLDSchulte Roth & Zabel, LLP

MANUTOSH MATHURMariner Investment Group, LLC

PHILIPPE Y. PAULINOTax Miracle Network

MARK D. PODGAINYGetzler Henrich & Associates, LLC

TREEVA ROYESUnilever

ERIK P. SHUMARKPMG

LISA TALMANYC Department of Housing Preservation & Development

JAMIE THOMASSantander Bank

ROBERT TYRRELLBank of America

NHSNYC.ORG | 212-519-2500 | 307 WEST 36TH STREET, 12TH FL | NEW YORK, NY 10018

OUR TALENT

EXECUTIVE AND MANAGEMENT TEAM

DON NASHDirector of Lending Services

DELIA EDWARDS-HOLMESDirector of Human Resources

CHRISTINE HSUDirector of Resource Development

PATRICIA PRIMODirector of Homeownership Services

GLORIA ASHBYHomeownership Outreach Specialist

NOEMI AVILESProgram Manager - HomeFirst

BENJAMIN BOATENGInterim Program Manager

SHIRENA BOWMANProgram Coordinator

PAMELA CHERRYExecutive Assistant

ALI FARRAGLoan Fund Portfolio Manager

JUSTIN GEORGEProgram Coordinator

RUDY GOSenior Accountant

FRANCINE GRIFFITHHomeownership Administrator

STEPHANIE HURTADOHomeownership Specialist/Foreclosure

CHARLISSE JOHNSONSenior Program Coordinator

CRYSTAL LORENTEProgram Coordinator

YELENA MASLOVAAccountant

SAMANTHA MATHURINManager of Research & Planning

CLEMENTE MEJIAManager of Marketing & Outreach

ANN MURRAYAdministrative Assistant

SHAKIMA MUSKELLYSenior Program Coordinator

RODNEY NEWELLHomeownership Specialist/Financial Empowerment

DAWILSA PENAHomeownership Specialist

DOLORES PENASenior Homeownership Specialist

VIDYA RAMBAHALAccounting Manager

YHESEBEL REYESProgram Coordinator

LISA ROBINSONSenior Mortgage Loan Processor

ANITA SINGLETONAdministrative Assistant

TRACI TURNERProgram Coordinator

JIMMY VICARSHomeownership Specialist

LIPING YUSenior Construction Manager

SUSAN M. IFILLChief Executive Officer

RASHIDAT JIMOHController

DONALD PRUSOCKChief Administrative Officer